MANILA, Philippines – President Rodrigo Duterte’s signature will soon be appearing on the nation’s currency.
The Bangko Sentral ng Pilipinas (BSP) announced on Wednesday, December 14, that it will start circulating the new batch of New Generation Currency (NGC) banknotes bearing the President’s signature starting next week.
“The initial batch of NGC banknotes is ready for release to the general public. These banknotes shall be issued to authorized agent banks once the approval process is completed,” said BSP Governor Amando Tetangco Jr.
The BSP started circulating the NGC bills in 2010 as it began phasing out the New Design Series (NDS) banknotes launched in 1985.
Under Republic Act No. 7653 or the new Central Bank Act of 1993, notes of any series or denomination that are more than 5 years old and coins that are more than 10 years old can be replaced.
Starting January 2016, the NDS banknotes could no longer be used for transactions.
Tetangco also reminded the public that the NDS notes can still be exchanged in banks and BSP offices until the end of December 2016, before being demonetized starting January 2017.
The BSP noted that as of October 31 this year, 299.3 million pieces of the NDS bills valued at P24.7 billion were still in circulation. In terms of value, these notes represent about 2.6% of the total bills in circulation.
The new NGC banknotes feature several security features to protect the currency against counterfeiters.
These include the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency to give an embossed feel and help the visually-impaired differentiate between each denomination.
Last February, the BSP also released a P100 NGC note that featured a stronger mauve or violet color, in response to complaints that the P100 and P1,000 bills kept getting mixed up.
The new banknotes to be circulated next week will also feature the signature of Tetangco who has been offered an unprecedented 3rd term as BSP governor by the President. – Rappler.com